Florida

Sansone Breaks Ground on 425-Acre Industrial Development in Port St. Lucie, Florida

by Julia Sanders August 6, 2021

PORT ST. LUCIE, FLA. — Sansone Group has broken ground on the second phase of a multi-building industrial park in Port St. Lucie named Legacy Park at Tradition Center. The 425-acre industrial development is situated along Interstate 95 and Becker Road. Sansone is working with NorthBridge Partners on the project. The project’s second phase includes a speculative industrial development on 40.9 acres. The two Class A facilities, a 520,000-square-foot cross-dock building and a 168,000-square-foot rear-load building, will be developed and slated for completion by spring 2022. The two buildings will accompany Sansone’s nearly completed, 245,000-square-foot FedEx sorting center at Legacy Park. Once completed, Legacy Park will include a total of approximately 5.5 million square feet of single- and multi-tenant light industrial and distribution facilities. Peter Crane of Sansone Group was one the brokers involved in the land transaction. Robert Smith and Kirk Nelson of CBRE are the listing brokers.

August 6, 2021

Development Florida Mixed-Use Southeast

Flaherty & Collins to Build $66M Mixed-Use Development in Downtown Cape Coral, Florida

by John Nelson August 4, 2021

CAPE CORAL, FLA. — Flaherty & Collins Properties plans to develop The Cove at 47th, a $66 million mixed-use multifamily project in downtown Cape Coral. The property will include 285 luxury apartments and 19,000 square feet of commercial space on the ground level, as well as a rooftop pool and lounge. The Cove will prominently feature studios, one- and two-bedroom apartments to attract younger renters. The Cape Coral Community Redevelopment Agency recently approved the development, which is a public-private partnership between the City of Cape Coral and Flaherty & Collins. As part of the agreement, the city is contributing $20 million in sewage upgrades and $10.4 million in incentives to fund the construction of a 525-space parking garage available for public use. The 3.9-acre site is situated at the corner of Cape Coral Parkway East and SE 8th Court near Corksoakers restaurant. Flaherty & Collins purchased the land from an entity doing business as Downtown Village Square LLC. Paulette duCharme Hansen of Miloff Aubuchon Realty Group negotiated the land sale. Flaherty & Collins is aiming to break ground in early 2022, with first units coming in spring 2023. Full project completion is estimated for fall 2023.

August 4, 2021

Development Florida Retail Southeast

Branch Breaks Ground on Publix-Anchored Shopping Center in Milton, Florida

by John Nelson August 3, 2021

MILTON, FLA. — Branch Properties has broken ground on Merganser Commons at Dogwood Estates, a Publix-anchored shopping center in Milton. The grocer will occupy 46,811 square feet and be the first Publix store in the city. Overall, Merganser Commons will span 66,921 square feet and feature retail, dining and service-oriented tenants. Branch Properties’ partner on the project is Merganser Enterprises LLC, a retail developer based in Smyrna, Ga. Branch Properties plans to deliver the center in spring 2022. Merganser Commons is the sixth shopping center in Branch Properties’ development pipeline, including three in metro Atlanta, one in Huntsville and another in Upstate South Carolina.

August 3, 2021

Development Florida Industrial Southeast

Kroger, Ocado Open 338,000 SF Industrial Fulfillment Center in Central Florida

by John Nelson August 2, 2021

GROVELAND, FLA. — National supermarket chain Kroger and online grocer Ocado have opened Kroger Ocado Customer Fulfillment Center in Groveland, about 30 miles from Orlando. The high-tech facility spans 338,000 square feet and broke ground in January 2019. The four-story property includes a distribution center, office space, two-story break room and a mezzanine floor. Ryan Cos. is the developer of the asset, which is set to support the packaging and shipment of groceries for home deliveries this summer. The property is unique in that it’s not a store-support facility as Kroger does not currently operate any grocery stores in the region. Ryan Cos., which served as the lead architect, engineer, developer and construction team, has completed 40 automated warehouses exceeding 33 million square feet in 20 states for national brands such as Target, SuperValu and Nestle Purina. The firm also oversaw the Kroger-Ocado fulfillment center that opened near Cincinnati, as well as a Kroger-Ocado facility in suburban Atlanta that will open later this year.

August 2, 2021

Acquisitions Florida Office Southeast

Grover Corlew Purchases Downtown Boca Raton Office Tower for $44.6M

by John Nelson August 2, 2021

BOCA RATON, FLA. — Grover Corlew, a locally based real estate investment and development firm, has purchased the 109,497-square-foot Bank of America Tower in downtown Boca Raton. The undisclosed seller sold the office building in an off-market transaction for $44.6 million. In addition to Bank of America, the building’s tenants include Charles Schwab and Waypoint Residential. Originally built in 1970, the eight-story Bank of America Tower offers onsite management and a building engineer, Wi-Fi access in the lobby, a conferencing facility and free and secure surface and garage parking. Located at 150 East Palmetto Park Road, Bank of America Tower is located 28.7 miles from Palm Beach International Airport and 4.1 miles from Boca Raton Airport. Additionally, the building is adjacent to Royal Palm Place and within walking distance to Mizner Park and the future Brightline Station. Dominic Montazemi, Scott O’Donnell and Mike Davis of Cushman & Wakefield brokered the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing on behalf of Grover Corlew through Wells Fargo Bank.

August 2, 2021

Florida Market Reports Retail Southeast Southeast Market Reports

Miami’s Restaurants are Back on Track, Entertainment and Big Box Users are Still Healing

by John Nelson August 2, 2021

What a difference a year makes! Retail real estate in Miami is not dead nor in the depths of huge vacancy rates and declining rents; current vacancy rate is 4.3 percent and rental rates have slipped by 0.1 percent over the past year. Let’s explore several indicators of the value and use of the current state of the shopping center industry, restaurant space, entertainment space and big-box retailers. South Florida restaurant space, due to COVID-19 restrictions, was not open to customers over the last 18 months. Many anticipated only a few restaurants to survive with lots of second-generation restaurant space expected to be given back to landlords. Due to the U.S. Small Business Administration’s Paycheck Protection Program and restaurateurs flocking to Miami from across the country — mainly the Northeast, especially New York City — the glut of restaurant space vacancy never occurred. When there is available second-generation restaurant space, it gets leased quickly. South Florida has seen national chain quick-service restaurants (QSR) looking for ghost kitchens which restricts customers to pick-up and delivery. Restaurant sales are back to pre-COVID-19 levels beginning the second quarter this year. The restaurant market appears to be healthy, again. News is not so great …

August 2, 2021

Acquisitions Florida Loans Multifamily Southeast

Berkadia Secures $43.2M in Acquisition Financing for Apartment Community in Metro Orlando

by John Nelson July 30, 2021

DAVENPORT, FLA. — Berkadia has secured $43.2 million in acquisition financing for Legends at ChampionsGate, a 252-unit multifamily community located outside of Orlando. Mitch Sinberg and Matthew Robbins of Berkadia secured the financing on behalf of Taurus Investment Holdings, which acquired the property for $53.8 million from an undisclosed seller. The three-year, floating-rate, interest-only loan was underwritten at a 75 percent loan-to-cost ratio and inclues additional funds to finance capital improvements. Located at 8101 Champions Circle, Legends at ChampionsGate was built in 2002 and includes one-, two- and three-bedroom floor plans. The units include built-in shelving, digital thermostats, hardwood style flooring, walk-in closets and private balconies. Community amenities include a swimming pool, fitness center, playground, business center and yoga room. Situated 26.5 miles south of downtown Orlando, the community is approximately 7.2 miles from Interstate 4.

July 30, 2021

Acquisitions Florida Retail Southeast

Newport Capital Partners Acquires 160,792 SF Colonial Oaks Shopping Center in Orlando

by John Nelson July 30, 2021

ORLANDO, FLA. — Newport Capital Partners has acquired West Colonial Oaks, a 160,792-square-foot, grocery-anchored shopping center situated on the southwest corner of West Colonial Drive and North Hiawassee Road in Orlando. Newport Capital acquired the property via its Newport Capital Partners Fund III. The property was sourced and acquired off-market from a private investor. Newmark arranged acquisition financing through Ameris Bank. The seller and sales price were not disclosed. West Colonial Oaks is currently 94 percent leased and its largest tenant is national discount retailer Ollie’s Bargain Outlet. The property’s other tenants include Fancy Fruit & Produce, Office Depot, Crazy Buffet, Family Dollar, Olive Garden and Optum Primary Care. The shopping center is shadow-anchored by The Home Depot and is also close to employment and education drivers including Valencia College, Orlando Health Central Hospital and the Seaboard Industrial neighborhood, which is home to Amazon’s 1.1 million-square-foot distribution center.

July 30, 2021

Acquisitions Florida Retail Southeast

Tricera Capital Purchases ICON Central Retail Space in St. Petersburg for $11.1M

by Julia Sanders July 29, 2021

ST. PETERSBURG, FLA. — Tricera Capital has acquired a ground-floor retail space at Related Group’s recently completed ICON Central, a mixed-use development in St. Petersburg. The transaction totaled $11.1 million and included the adjoining Union Trust Bank building. In total, the ground-floor retail space and historic bank building span nearly 35,000 square feet of rentable space. Related Group was the seller. Currently, about 7,000 square feet of the retail space is leased to BurgerFi and Watts Dental, which are open now. Related Group constructed the 368-unit ICON Central on an entire city block along Central Avenue. As part of its redevelopment, Related renovated the bank building, which was originally constructed in 1926, for commercial use. Scott Wadler and Alec Fox of Berkadia arranged $9.9 million in acquisition financing on behalf of Tricera. Money360 provided the financing.

July 29, 2021

Florida Market Reports Office Southeast Southeast Market Reports

Miami Office Rent Growth Influenced by Influx of Tech Firms, New Capital Sources

by John Nelson July 25, 2021

The past year has been a long and winding ride, and some unexpected trends have been taking place in the Miami office market, between the onset of the COVID-19 pandemic and through its recovery to date. Logically, one would expect that an ongoing pandemic keeping corporate offices closed and employees working from home would negatively affect occupancy levels and lead to a deceleration in asking rents for office space. On the contrary, the Miami office market has remained solid, and while the area is a natural draw for tourism and entertainment, an increasing number of companies also recognize it as a sought-after location from which to operate their businesses. Tech’s influence on rents Miami has been one of the most active office markets in the nation thus far in 2021. While office markets in the Northeast and California remain partly closed due to several public health initiatives and related business constraints, Miami’s pro-business culture — coupled with Florida’s lack of state income taxes and business development efforts rolled out by Miami Mayor Francis Suarez and the Miami-Dade County Beacon Council — have ensured that the city’s economic engine kept running. Case in point, not only did Class A rental rates …

July 25, 2021

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